UCC Permanent Editorial Board Report on Mortgage Notes

On November 14, the Permanent Editorial Board for the Uniform Commercial Code issued a report on the application of the UCC to selected issues relating to mortgage notes. The report is intended to provide guidance on: (i) identifying the person who is entitled to enforce the payment obligation of the maker of a mortgage note, and to whom the maker owes that obligation; and (ii) determining who owns the rights represented by the note and mortgage. UCC Report.